Bullish on growth prospects of Reliance Capital, Anil Ambani today said the group plans to have a separate company for health insurance business.
The group is also looking forward to partner with global companies in health insurance business that would help in bringing best practices, products and service to the Indian market.
Addressing shareholders at the annual general meeting, Ambani, who is the chairman of Reliance Capital, said it intends to lay greater emphasis on health insurance business, which is in the early stages of growth.
In course of time, the group intend to grow the health business into a separate company, he noted.
A financial conglomerate, Reliance Capital has interests in asset management and mutual funds, life and general insurance, commercial finance, equities and commodities broking, among others.
Ambani said the company intends to significantly grow its housing finance business and provide affordable housing solutions.
With regard to opportunities in the banking sector, he said Reliance Capital was awaiting the final guidelines from the RBI to evaluate its options in differentiated banking segments.
He noted that the group intends to explore opportunities in payment, infrastructure finance and SME banking segments.
According to Ambani, hiking foreign direct investment limit in insurance sector to 49 per cent would provide a unique opportunity to enhance its strong partnership with Japan's Nippon Life.
Besides, Reliance Capital expects to see substantial growth in assets under management by its AMC, which have already crossed Rs 2,00,000 crore in aggregate, Ambani said.
Among others, the company is aiming to double its market capitalisation in three to four years.
Ambani also noted that Reliance Capital's existing businesses are now on a very sound footing, and do not require any infusion of additional capital.
In the three months ended June, Reliance Capital reported an increase of 23 per cent in net profit at Rs 164 crore on the back of growth in general insurance and asset management businesses.
